2018-02-23 02:13:032018-02-23 02:13:03https://quickbooks.intuit.com/uk/resources/small-business/recipeforsuccess-uk-small-businesses-can-capitalise-optimism-2018/Small BusinessEnglishhttps://djnx69zjp3mvw.cloudfront.net/wp-content/uploads/2018/02/23021423/blog-image.jpg#RecipeForSuccess – How UK Small Businesses Can Capitalise on Optimism in 2018

#RecipeForSuccess – How UK Small Businesses Can Capitalise on Optimism in 2018

Entrepreneurs and founders have a lot of wisdom and tool tips to share with budding startups when it comes to mixing up the perfect #RecipeForSuccess in 2018. Each startup and small and medium-sized enterprise (SME) is different, but we estimated that SMEs need between 15-17 apps to help run their business successfully.

With recipes in mind, we turned to the experts, entrepreneurs and founders like you, and asked them what tools and advice they use as their ingredients to make their recipe for success.

Brexit: A Secret Ingredient

For SMEs, Brexit discussions dominated headlines and topped the list of worries for businesses in 2017. Despite SMEs’ and consumers’ concerns, research from the IoD 99, the Institute of Directors’ startup network, reveals that 83% of startup founders are optimistic about their business in 2018.

Another ingredient to mix in with the high confidence for SMEs in 2018 is funding. The British Business Investments (BBI) have committed £30m to asset-backed lending to help fund rapidly growing SMEs who need working capital, but struggle to get it through traditional lenders. This move is meant to help increase confidence of SME founders amid Brexit news and worries.

Managing Internal Factors

Continuing to focus on the high confidence of SMEs heading into 2018, what are the other ways that business owners can control their own internal factors to accelerate their growth in the new year?

There are some intangible factors to take into account when you’re setting yourself up for growth. Have you revisited your business plan? Do you have an established vision? If you do, is it still guiding you in the direction you want it to? Take some planning time at the beginning of this year to review your financials as well as your overall direction, purpose, and the people you’re working with. Mark Robson of Insight Group says stop, plan and start small. The best way to start is to set a frequency you can manage.

When it comes to establishing your recipe for success, Lawrence Gilbert from Company Partners recommends you start lean, meaning no extraneous spending. Just like healthy eating, healthy business spending practices are an important part of a robust and successful business. Gilbert says that starting lean means founders should work for minimum wage, reinvest their money in the company, and not spending foolishly, like “no big cars or designer offices.”

Time management is a huge factor to consider too. One of the costliest things to a business is unproductive meetings. Research shows that pointless meetings that eat away at precious hours of your team’s time can cost your organisation up to £973,000 each year. To combat time wasting events and tasks, Gina Edwards from Tally Pro recommends using time tracking software to see how your employees are spending their time. But that’s not the only benefit from using tracking software. Edwards shares, “time tracking software can answer the key questions. Who are the most profitable clients? Or, on the other hand, which employees are bringing in the highest billables? Using the tool effectively can highlight where profit margins are made.”

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.